State elections prompt reduction in oil prices

State elections prompt reduction in oil prices

Jaitley said he was confident of meeting the fiscal deficit target this year even though the Centre's revenue would decline by Rs 10,500 crore in 2018-19 because of the excise duty cut on fuel.

The Kerala government, which had recently reduced VAT on the fuels, said it would not cut the tax now and asked the Centre to restore prices to 2014 levels before it can consider further cuts. "The state did it before the central government did", he said. Party spokesperson Sambit Patra expressed hope that people would get the Rs-5-per-litre relief at the earliest, PTI reported.

Petrol was sold at 83.85 rupees a litre, while diesel was sold at 75.25 a litre on October 3, according to state-run retailer Indian Oil Corp's website.

Following this, the Gujarat and Maharashtra Governments announced additional relief of Rs2.5/litre Petrol/Diesel.

By lowering duties, the Narendra Modi government is borrowing a page from the rulebook of past governments that have lowered levies whenever global oil prices shot up.

"The Centre had hiked excise duty by ₹10 and reduced it by only ₹2.50".

Speaking on the reason for price cut, the Finance Minister said that there has been a significant impact of higher interest rates in the United States and crude oil prices on rising fuel prices in the country.

Trump Tells ABC Reporter 'You Weren't Thinking'
He ignored her and moved on to another reporter's question. " You never do ", the president muttered. Vega hadn't yet asked a question, so Trump can't blame his derision on something she had just asked.

Rajasthan, Andhra Pradesh and Karnataka are among the handful of states which have reduced Value-Added Tax to give some comfort to consumers.

"We (Bengal government) have already reduced fuel prices".

Maharashtra and Gujarat were among the first to announce matching fuel price cuts providing an effective Rs 5 relief to consumers.

► However, Bihar Deputy CM Sushil Modi said that they haven't received any letter from Jaitley ji.

Karnataka and Kerala have said that they will not be cutting state-imposed taxes on petrol and diesel.

Assam CM Sarbananda Sonowal said - "Welcome decision by the Centre to cut down prices of Petrol and Diesel - a decision taken in the interest of the common people. #FuelPriceCut", tweeted the CM.

"The notification in this regard (giving a relief of Rs.2.50) will be issued today and prices will be applicable immediately afterwards", he said. Diesel prices in Chennai increased by 22 paise to Rs 79.79 a litre and by 20 paise to Rs 77.30 per litre in Kolkata. Addressing a presser, Finance Minister Arun Jaitley stated that the decision will result in a revenue loss of Rs 10,500 crore in six months and urged states to effect a similar cut.

Related Articles

  • Undergrad Brett Kavanaugh Questioned By Police For Bar Fight Following UB40 Concert

    Undergrad Brett Kavanaugh Questioned By Police For Bar Fight Following UB40 Concert

    The judge is said to have thrown ice at someone who he thought resembled the English reggae band's lead singer Ali Campbell. On Tuesday morning, the Fox & Friends crew was likewise angry that Kavanaugh was being questioned about the incident.
    How Melania Trump Finally Adjusted to Being First Lady

    How Melania Trump Finally Adjusted to Being First Lady

    It's hard to forget, mostly because of that less-than-subtle message scrawled across the back: "I really don't care do u?" Mrs. The first lady saw how babies are weighed - they're placed in sacks that are then hung from a hook attached to a scale.
    United Nations’ Court Orders The Trump Administration to Lift Iranian Sanctions

    United Nations’ Court Orders The Trump Administration to Lift Iranian Sanctions

    U.S. lawyers argued that the ICJ should not have jurisdiction and that Iran's assertions fall outside the bounds of the treaty. He said the administration would review all accords that might subject the U.S.to prosecution by global courts or panels.
  • Now White House tells Federal Bureau of Investigation agents they can interview ANYONE on Kavanaugh

    The investigation is set to last one week as part of a bipartisan agreement reached by the Senate Judiciary Committee. Two other women have made similar sex abuse allegations against Kavanaugh.

    GOP Sen. Jeff Flake criticizes Trump's 'appalling' mockery of Christine Blasey Ford

    Richard Blumenthal, a Connecticut Democrat who sits on the Senate Judiciary Committee, said on CNN's "New Day". But it can be worse, you can actually kill somebody's cat, and puncture their tires to get them to shut up".
    Mark Judge's lawyer says he was interviewed by the Federal Bureau of Investigation

    Mark Judge's lawyer says he was interviewed by the Federal Bureau of Investigation

    The nomination has become a politically explosive issue ahead of November 6 elections, when control of Congress is at stake. Some Republicans fear that pushing ahead with confirmation would alienate women voters, while Democrats seek to capitalize.
  • Rap mogul Suge Knight to serve 28 years after admitting manslaughter

    Rap mogul Suge Knight to serve 28 years after admitting manslaughter

    The plea came just days before jury selection was scheduled to begin in the long-delayed case that was to start on October 1. His record label helped launch the careers of artists including Dr Dre, Tupac Shakur and Snoop Dogg.
    Saudi King would not last 'two weeks' in power without United States  support

    Saudi King would not last 'two weeks' in power without United States support

    He further added, "we defend many of these nations for nothing, and then they take advantage of us by giving us high oil prices". Just a few days after the Algiers meeting, Trump blamed OPEC for high oil prices at the UN General Assembly in NY .
    Someone Sent Poisoned Envelopes Addressed To Mattis At The Pentagon

    Someone Sent Poisoned Envelopes Addressed To Mattis At The Pentagon

    All mail sent to the Pentagon is under a mandatory quarantine until every item is properly screened. We have reports that two packages laced with ricin were sent to the Pentagon.
  • Former rap mogul Suge Knight set to be sentenced

    Former rap mogul Suge Knight set to be sentenced

    He briefly looked at Carter's family as he was led out in handcuffs following the sentencing. He pleaded no contest on Sept 20 to a charge of manslaughter for a hit-and-run killing.
    Samsung released Galaxy Note 9 in the new color

    Samsung released Galaxy Note 9 in the new color

    In addition to the new Galaxy Watch , you can also charge the last-generation Gear Sport , Gear S3 Frontier and Gear S3 Classic . It took over 20-foot drop for iPhone XS Max to smash from the front completely, which is about two-story apartment height.

    'It's A Very Scary Time For Young Men In America'

    By Ford's own testimony there are gaps in her memory, there are facts that she can not remember. "Where's the house? I don't know. He told reporters on Tuesday he thought Kavanaugh would win Senate confirmation once the FBI finishes its investigation.